US Congressman Thomas Massie is re-introducing a bill to abolish the Federal Reserve. The Federal Reserve Board Abolition Act would abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks. Furthermore, the proposal also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today.”
Rep. Massie also added in a post to X “Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.”
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The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999. It hasn’t been reintroduced since 2013. The concept isn’t new, but has been vetoed multiple times and voted against. However, with the delicate state of the economy and split views on how to handle it, perhaps the latest iteration of the bill may receive consideration.
In addition to introducing this legislation to “End the Fed,” Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023. This bill would audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009.
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